Last Updated on: 5th July 2023, 03:27 pm
Federal Govt Bans Import of Luxury & Non-Essential Items
The federal government has decided to ban imports of luxury goods and non-essential goods not used by the common man in a bid to stabilize the economy and cover the growing trade deficit. Pakistan has entered an economic crisis with the Pakistani Rupee (PKR) falling steadily against the US Dollar (USD to PKR).
Prime Minister Shehbaz Sharif reportedly ordered an import ban on luxury and non-essential goods into the country in a bid to control the devaluation of the Pakistani rupee (PKR). The ban was imposed on imports of luxury vehicles and non-essential items such as cosmetics.
The decision was made by Prime Minister Shehbaz Sharif after a consultative meeting with coalition partners. The federal government is expected to take tough decisions to stabilize the economy after the US dollar broke through 200 rupees on the open market while ending the day at 198.39 rupees on the interbank market.
In addition, prices of certain items are expected to increase as the federal government plans to impose higher duties/taxes on such items, including vehicles, appliances and cell phones (imported appliances only).
Meanwhile, the economic crisis has started to affect the automotive sector as Toyota Pakistan, also known as Indus Motor Company (IMC), is again suspending bookings of all its vehicles until further notice due to the uncertain and volatile market conditions at this moment.
Also Read: List of Banned Import Luxury Items in Pakistan 2022
